U.S. oil rig count falls to lowest since April 2018: Baker Hughes

U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row with drilling slowing to its lowest in nearly a year, prompting the government to cut crude output growth forecasts. Drillers cut one oil rig in the week to March 15, bringing the total count down to 833, the lowest since April 2018, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. That is the first time the rig count has declined for four weeks in a row since May 2016 when it fell for eight consecutive weeks. The U.S. rig count, an early indicator of future output, is a little higher than a year ago when 800 rigs were […]